Between History and Theory: on the Identity of Hicks' s Economics

This essay outlines the main themes characterizing John Hicks's contribution to economic theory. In particular, the essay emphasizes that the intellectual agenda of John Hicks shows a remarkable mix of continuity and change. This is partly due to the tolerant disposition that was typical of Hicks as a theorist. In Hicks's view, the course of economic history may require changes in the theorist's concentration of attention. Hicks, however, always preferred to combine elements from different theoretical frameworks rather than following a specific analytical scheme in a single-minded way. This approach paves the way to Hicks's propensity to go back to past concepts in order to highlight new and sometimes radical changes in economic institutions and patterns of behaviour. One important theme running though Hicks's contributions is the idea that at any given time the space of possible outcomes open to individual choice is bounded by physical or historical constraints, and that such constraints causally link events along temporal sequences. Complementarities over time are central to Hicks's understanding of money, capital accumulation and economic dynamics.